EXPERT OPINION (INVESTMENT): MIKE HRYN

EXPERT OPINION | INVESTMENT

Mike Hryn | Mike.Hryn@RichardsonWealth.com 519.827.2918

AS RETIREMENT LOOMS, ENSURE QUALITY CONVERSATIONS WITH YOUR FINANCIAL ADVISOR

BY MIKE HRYN

Over the past two years I’ve been fortunate to participate in many conversations with clients about retirement. The number one thing I’m hearing from them is that when it comes to their financial affairs they are generally looking to simplify their lives. They are driven by the desire for stability, security, and confidence that they’ll be comfortable once they've retired.

As retirement gets closer to being a reality, worry and doubt can understandably set in, especially in times of uncertainty. A lot of people don’t know where to start looking at the day-to-day financial realities of retirement, nor how to simplify their financial affairs. That’s where experience and knowledge can guide the conversation. As an advisor, I know that one of the benefits of my experience with many different clients is my being able to draw on my breadth of knowledge to identify risks and opportunities people might not be aware of.

Many of these clients looking to retire are past the stage of rapid wealth accumulation, but that doesn’t mean we engage with them any less. Communication is essential at this juncture. I focus on making sure that we have conversations about what their ideal future looks like now that retirement is not far off. When they get out of the daily grind, people tend to dream a little. Once they've established what that perfect picture of a future looks like, we can use all the tools at our disposal to try to achieve their goals.

I’m prone to ask tough questions to 'stress test' those dreams. What if this or that happened? I urge clients to make sure they have their wills and Powers of Attorney up to date and encourage them to have conversations with their family about their wishes. Together, we review products like insurance to offset risk, and walk through the different investment strategies we can employ to get the results we want. It’s an important conversation and I stay as long as I am needed to ensure that everyone’s questions are answered and understood.

The thing I enjoy the most about my job is this process of trying to simplify things for clients so as to bring them comfort knowing that matters related to retirement are taken care of, and that someone is watching out for them. Then they can focus on other things, like the hobbies they’ll finally be able to start, the books they’ll read (or write), the people they’ll spend time with, or the places they’ll travel.

All material has been prepared by Mike Hryn, who is an Investment Advisor with the Mactaggart Hryn Team at Richardson Wealth Limited. The opinions expressed in this report are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Richardson Wealth Limited or its affiliates. Richardson Wealth Limited, Member Canadian Investor Protection Fund. Richardson Wealth is a trademark of James Richardson & Sons Limited, used under license.

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